Senate Bill (S)

DIGEST

Economic development. Repeals the statute establishing the emerging technology grant fund. Repeals the statute that authorized the Indiana finance authority to issue bonds before July 1, 2011, for the Indiana twenty-first century research and technology fund. Repeals the Indiana regional city fund statute, and transfers the provisions in that statute to the Indiana regional cities development fund statute. Eliminates the strategic review committee under the regional cities program, and assigns its duties to the board of the Indiana economic development corporation (IEDC). Authorizes the governor to appoint up to three additional members to the IEDC board. Eliminates the provision allowing Economic development. Repeals the statute establishing the emerging technology grant fund. Repeals the statute that authorized the Indiana finance authority to issue bonds before July 1, 2011, for the Indiana twenty-first century research and technology fund. Repeals the Indiana regional city fund statute, and transfers the provisions in that statute to the Indiana regional cities development fund statute. Eliminates the strategic review committee under the regional cities program, and assigns its duties to the board of the Indiana economic development corporation (IEDC). Authorizes the governor to appoint up to three additional members to the IEDC board. Eliminates the provision allowing the IEDC board to determine that part of a grant or loan under the regional cities program that shall be made from the environmental remediation revolving loan fund. Provides that in addition to applications for grants and loans from the Indiana regional cities development fund, a development authority may also submit an application to the IEDC for review and approval of the entity's development plan without applying for a grant or loan. Eliminates the expiration provisions in current law for the following tax credits: (1) The venture capital investment tax credit. (2) The Hoosier business investment tax credit. Repeals the statute authorizing the establishment of the twenty-first century research and technology fund grant office. Repeals the current statute concerning trademarks for use on Indiana products and relocates it within the statutes governing the IEDC. Changes the name of the training 2000 fund to the skills enhancement fund. Repeals the statute establishing the office of small business and entrepreneurship. Transfers duties related to small businesses from the office of small business and entrepreneurship to the IEDC. Provides that the IEDC designates the small business ombudsman. Extends the motorsports improvement program through June 30, 2019, eliminates the grant limits, and provides grants for the New Castle Motorsports Park and the Winchester Speedway. Provides that the IEDC board may engage an independent certified public accounting firm to conduct an examination of the IEDC and the IEDC's funds, accounts, and financial affairs and the IEDC's nonprofit subsidiary corporation if: (1) an independent certified public accounting firm conducts an examination; (2) the IEDC submits the examination report to the state board of accounts; and (3) the state board of accounts reviews the examination report and determines that the examination and examination report comply with the uniform compliance guidelines, directives, and standards established by the state board of accounts. Provides that notwithstanding such a waiver, the state board of accounts may examine the IEDC and the nonprofit subsidiary corporation at any time. Adds committees appointed by the IEDC board to the list of committees that may meet electronically without having the greater of two members or 1/3 of the members physically present. Specifies that the IEDC shall submit the quarterly and annual reports concerning the Indiana twenty-first century research and technology fund to both the budget committee and the legislative council. Eliminates the requirement that the IEDC must submit a semiannual report. Deletes the provision in current law that requires each county or municipal economic development commission to file a copy of its annual report with the IEDC. (Under current law, these annual reports are filed with both the IEDC and the fiscal body that the economic development commission serves.) Specifies the information that these reports must contain. Provides that the office of management and budget may waive the requirement that a certified public accountant perform an annual financial audit of a regional development authority established under the general redevelopment authority law if that regional development authority certifies that it had no financial activity during the year. ... View more